US Concerns Over Yen Weakness Prompt Strengthening
Japan's Finance Minister Satsuki Katayama has revealed that the US government expressed concerns over yen weakness, prompting a strengthening of the Japanese currency. The news broke on September 25, with the yen rising rapidly in the short term.
Katayama stated that US officials had voiced their concerns about yen weakness during the summit, and emphasized that Japan will continue to maintain close coordination with the US on exchange-rate matters. She stressed that the principles established since the two governments' coordinated intervention remain in effect.
The Bank of Japan's recent rate hike was aimed at achieving its inflation target, according to Katayama. However, yen depreciation pressure did not ease after the hike, and sources revealed that the BOJ initiated a 'rate check' on September 18, which is seen as a preparatory step for currency intervention.